Stock Market Drops Another N156 Billion on Wednesday

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  • Stock Market Drops N156 Another Billion on Wednesday

The Nigerian Stock Exchange (NSE) dropped N156 billion on Wednesday as profit-taking in large-cap stocks weighed on the entire equity market.

The total market capitalisation declined from N12.119 trillion attained on Monday to N12.108 trillion on Tuesday before dropping further to N11.852 trillion at the close of trading on Wednesday.

NSE All-Share Index, which gauges performance, fell by 2.12 percent from 33,167.88 basis points recorded on Tuesday to 32,466.27 basis points on Wednesday. While the year to date return stood at -15.11 percent.

Volume traded dropped 31.3 percent to 212.509 million units with the value traded standing at N3.765 billion.

Total of thirty stocks closed in the red with just 15 gainers, bringing all sectors, except the oil and gas sector, to a negative note.

Stanbic IBTC top losers’ table with a decline of 10 percent in its share value to N46.25 on Wednesday.

Other stocks that closed in the red were Union Diagnostic & Clinical Services Plc, Dangote Flour Mills Plc, Glaxo Smithkline Consumer Nigeria Plc, and Fidson Healthcare Plc, which saw their prices decline by 10 percent, 9.77 percent, 9.76 percent and 9.26 percent, respectively

On the other hand, top five gainers were Newrest ASL Nigeria Plc which closed with 10 percent gain, International Breweries Plc closed at a 10 percent high, Regency Assurance Plc also gained 10 percent, while Linkage Assurance Plc and Jaiz Bank Plc did 9.52 percent and 8.70 percent, respectively.

About the Author

Samed Olukoya
CEO/Founder Investors King Ltd, a foreign exchange research analyst, contributing author on New York-based Talk Markets and, with over a decade long experience in the global financial market. Contact Samed on Twitter: @sameolukoya; Email: [email protected]

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